HealthSouth Corp. Soars to New 52-wk High on Share Buying Plans
NEW YORK, March 21, 2013
NEW YORK, March 21, 2013 /PRNewswire/ --
Shares of HealthSouth Corp. hit a new 52-week high of $26.40 on Wednesday
after announcing that the Company plans to buy back $232 million worth of its
stock at a price that's at the top end of a range it set for the offer.
HealthSouth is the country's largest owner and operator of rehabilitation
hospitals. The Company has said it will buy about 9.1 million shares of its
common stock at a price of $25.50 apiece, for a total of about $232.1 million,
excluding costs related to the offer. Shares closed up 5.34% at $25.84
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MODEL N, INC. (NYSE: MODN) - Model N Inc. made its Wall Street debut on
Wednesday and soared as much as 44% on its first day of trading. The company
priced at $15.50 a share was above its projected range of $12.50 to $14.50.
Shares hit as high as $22.25 yesterday. The Company traded 9,494,754 shares on
its first day. Model N provides revenue management software to life science
and technology companies that help manage pricing, deals, contracts and
rebates. The company counts Johnson & Johnson, Boston Scientific Corp, Dell
Inc. and VMware Inc. as its customers.
Obagi Medical Products, Inc. (Nasdaq: OMPI) - Obagi Medical Products was one
of the biggest advancers on the Nasdaq composite yesterday. The stock hit as
high as $19.74 in intra-day trading forming a new 52-week high for the
company. The big move came after news revealed that Valeant Pharmaceuticals
(NYSE: VRX) will be buying Obagi for about $344 million. Obagi manufactures
aesthetic and therapeutic skin-health systems under brand names such as Obagi
Nu-Derm, Condition & Enhance, Obagi-C Rx, ELASTIDerm and CLENZIDerm. Shares of
OMPI closed up 28.20% at $19.73.
BioLineRx, Ltd. (Nasdaq: BLRX) - BLRX shares more than split in half on
Wednesday. The stock sank as low as $1.60 in intra-day trading making it a new
52-week low for the Company. The drop came after BioLineRx halted a mid-stage
clinical trial on an experimental drug that failed to improve the cognitive
ability of patients with schizophrenia. As a result of the CLARITY study
termination, the Company anticipates that planned research and development
expenses will decrease for the remainder of 2013 and part of 2014 by
approximately $6 to $7 million. The stock's previous close on Tuesday was
$3.81. Shares closed at $1.80 on Wednesday with more than 3 million shares
BlackBerry (Nasdaq: BBRY) - BlackBerry shares traded higher on Wednesday after
getting an upgrade from Morgan Stanley. The brokerage firm upgraded
BlackBerry's stock, moving it to "over weight" from "under weight" and doubled
its price target for share. Morgan Stanley analyst Ehud Gelblum raised his
price target on the company to $22 from $10. Gelblum called Blackberry a
"niche mid range player" in today's smartphone marketplace. BlackBerry is
expected to report its fiscal fourth-quarter results on March 28. The stock
closed up 6.45% yesterday at $16.00.
Williams-Sonoma Inc. (NYSE: WSM) - Shares of Williams-Sonoma hit a new 52-week
high on Wednesday at $50.49. The Company posted fourth-quarter profit late
Tuesday that beat views. The Company also announced strong online sales, hiked
its dividend and announced a hefty buyback program. Williams-Sonoma said it
earned $1.34 a share in the holiday quarter, ahead of views by analysts polled
by Thomson Reuters for $1.29 cents a share. Revenue rose 11% to $1.40 billion,
which was in line with forecasts for sales of $1.39 billion. Shares of WSM
closed up 10.26%, at $49.85 with trading volume at nearly 9 million shares.
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